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You just formed your own post-production company and is looking for a loan to finance the purchase of a unit in a commercial building for

You just formed your own post-production company and is looking for a loan to finance the purchase of a unit in a commercial building for a studio. The best offer you can get is a 8-year, $5,000,000 loan at 6% from a local bank.
1. What is the monthly payment on this loan?

b.What is the effective annual rate of this loan?

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